The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.

  • Successful syndication of a new 9-year €1.33 billion Term Loan facility and a new 8.25-year USD 1.8 billion Term Loan facility, due March 2026 and June 2025, respectively. On the back of strong investor demand, Telenet was able to significantly upsize both the € and USD facilities from €750 million and USD 1.0 billion initial size
  • The new € Term Loan facility carries a margin of 3.0% over EURIBOR with a 0% floor and was issued at 99.75. The new USD Term Loan facility carries a margin of 2.75% over LIBOR with a 0% floor and was issued at 99.75
  • Net proceeds of these facilities will be used to prepay all outstanding amounts under the existing €1.6 billion Term Loan due 2025 and the USD 1.5 billion Term Loan due 2025
  • Through this leverage-neutral transaction, Telenet extends the average tenor of its debt maturity profile at current attractive market conditions, while ensuring increased covenant flexibility

Brussels, April 4, 2017 - Today, Telenet Group Holding NV ("Telenet" or the "Company") announced the successful syndication of a new €1.33 billion Term Loan facility ("Facility AH") and a new USD 1.8 billion Term Loan facility ("Facility AI"), due respectively on March 31, 2026 and June 30, 2025. Facility AH carries a margin of 3.0% over EURIBOR with a 0% floor and was issued at 99.75. Facility AI carries a margin of 2.75% over LIBOR with a 0% floor and was issued at 99.75.

The Telenet group intends to use the net proceeds from these facilities to entirely prepay the following credit facilities under Telenet's 2015 Amended Senior Credit Facility: (i) Facility AE (€1.6 billion due January 2025, EURIBOR +3.25%, 0% floor), and (ii) Facility AF (USD 1.5 billion due January 2025, LIBOR + 3.00%, 0% floor). Through this transaction, the Company has succeeded in extending the average tenor of its debt maturities from 8 years at the end of December 2016 to 8.6 years post-refinancing at attractive market conditions, while ensuring increased covenant flexibility going forward. The Company faces no debt amortizations prior to 2022, taking into account the fact that the outstanding amounts under the revolving credit facilities have been repaid in October 2016.

The settlement of the aforementioned refinancing will occur in due course.

BNP Paribas and J.P. Morgan acted as Mandated Lead Arrangers and Global Coordinators with Scotiabank, Deutsche Bank, Rabobank, RBC Capital Markets, Natwest Markets and Société Générale CIB acting as Mandated Lead Arrangers and Joint Bookrunners.

 

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Source: Telenet Group Holding NV via Globenewswire